SEOUL (Reuters) – South Korean automaker Hyundai Motor said it expects the local currency to remain strong against the dollar in the second half of this year after reporting its second-quarter earnings were hit by the won’s rise versus the dollar.
“We do not have a positive outlook for the exchange rate in the second half,” Chief Financial Officer Lee Won-hee said in a conference call on Thursday after the company released its results.
Hyundai Motor, the world’s fifth-biggest automaker combined with affiliate Kia Motors, said its second-quarter net profit fell 6.5 percent, hurt by the local currency’s sharp gain versus the dollar and higher U.S. sales discounts.
(Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell)
- Company Earnings
- Hyundai Motor